NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased fuboTV, Inc. (NYSE: FUBO) common stock between March 23, 2020 and January 4, 2021, inclusive (the “Class Period”). Investors have until April 19, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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The complaint, filed on February 17, 2021, alleges that during the Class Period defendants disseminated false and misleading statements that misrepresented Fubo’s financial health and its operating condition. These misleading statements included representations relating to a variety of Fubo’s business operations and performance metrics, including, among others, Fubo’s ability to grow subscription levels and future profitability, seasonality factors, cost escalations and potentially shrinking addressable market, ability to attract and generate advertising revenue, the Company’s valuation, and its prospects of entering the arena of online sports wagering.
Investors learned the truth gradually through a series of research reports beginning on December 23, 2020. Those reports revealed, among others things, that (i) Fubo’s growth in subscriber and profitability was unsustainable past the one-time seasonal surge; (ii) Fubo’s offering of products would be subject to cost escalation; (iii) Fubo could not successfully compete and perform as sports book operator and could not capitalize on its online sports wagering opportunity; (iv) Fubo’s data and inventory was not differentiated to allow Fubo to achieve its long-term advertising growth goals; (v) Fubo’s valuation was overstated in light of its total revenue and subscription levels; and (vi) the acquisition of Balto Sports did not provide the stated synergies and internal expertise, and did not expand the Company’s addressable market into sports wagering.
Upon the publication of the research reports, the price of Fubo securities declined 54% from a close of $52.59 on December 23, 2020 to a close of $24.24 on January 4, 2021.
If you purchased fuboTV common stock during the Class Period and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.